It was late July of 2017 when I first wrote about Custom Coins—blockchain tokens that can represent ownership of unique assets.
These days, they're called NFTs.
It took four years for non-fungible tokens (NFTs) to go from an obscure digital asset known only to the most passionate of blockchain enthusiasts, to a powerful new technology fueling an emerging, multi-billion dollar industry.
Now, almost everyone you know has likely heard about NFTs in one context or another.
While it may seem like NFTs have taken over the world by storm, we've just barely scratched the surface.
NFTs of today are incredibly limited.
Extensive technical knowledge needed. Deep pockets to pay transactions fees. Poorly integrated marketplaces, wallets, and development platforms. Crawling network speeds.
All of this, combined with antiquated, inflexible technology, has limited the potential use cases and posed challenges to companies and individuals looking to get involved with this tech.
To tackle these barriers head-on and make NFTs truly usable by everyone, we're crafting a next-generation blockchain called Efinity.
Powered by its native token EFI, we believe Efinity will evolve the way billions of people own, use, perceive, and trade physical and digital assets in all aspects of their lives.
Here are three ways Efinity's unique features will transform NFTs.
Efinity will power a global digital trading experience like no other.
Efinity's offer mechanism enables you to create transparent, fair, accurate pricing for all NFTs. You can placer offers on assets listed on any NFT marketplace powered by Efinity—or on an NFT that's not even listed for sale, like one you run into in an Efinity-powered game, app or website.
Because any NFT from any blockchain can be easily transferred to Efinity, you can even place offers on NFTs that exist on other networks.
To incentivize offers, the highest (un-filled) offer on any asset is systematically rewarded through network rebates.
Here's an example: Imagine you discover a website where users can turn their actual, physical cars into Ethereum-based NFTs, in order to showcase or sell them. There's a beautiful antique car that you want—but it's not for sale.
You can head to a marketplace powered by Efinity, place an offer on that car's NFT, and start getting automatically rewarded for placing the first and highest offer. The owner will be notified, and if the price is right, he'll sell you the car.
If your offer is too low, and the owner is not interested, you'll still be rewarded with network rebates—unless someone else places a higher offer.
Sooner or later, the right, fair price for the car will be organically determined, and the owner will finally sell his car.
Put simply, Efinity's offer mechanism gives you the power to purchase and trade any blockchain-based digital or physical asset, regardless of what chain or project it originates from.
Efinity enables and incentivizes businesses to reward their loyal users and customers via a new blockchain feature called Recipes. Recipes allow anyone to modify existing NFTs, or create new NFTs of their own.
Anyone who has a copy of a recipe can execute it on Efinity without any coding experience.
For example, let's say that Hyperspeed Pictures decided to use Efinity as part of their marketing campaign for an upcoming Superhero Co. movie, in order to boost movie ticket and merchandise sales.
Hyperspeed could partner with major cinemas to reward you for watching the movie, embedding each ticket with a unique QR code that, when scanned, rewards you with an NFT.
The same process would work for merchandise sales: everything from action figures to clothing could feature a QR code.
A reward recipe could be activated as soon as you have collected NFTs from the movie tickets and merch you purchased. The reward: a new NFT that unlocks a rare playable character in a Superhero Co. MMO game.
"Democracy is a poor system; the only thing that can be said for it is that it's eight times as good as any other method."
― Robert A. Heinlein
Efinity features a genuinely democratic, transparent governance system—a feature we strongly believe will help fuel a tsunami of innovative network modifications and upgrades.
When you join the network and hold EFI, you are eligible to propose and vote on how the network itself operates.
If you look at how representative democracy currently works (at least in theory), you vote for the party that best represents your views on specific propositions. With Efinity, all members vote directly on the propositions. In addition, Efinity's built-in mechanisms allow the network's democracy to work fairly by incentivizing every user to contribute to its operations.
Votes on Efinity are actually counted, registered on the blockchain, and automatically verified as authentic.
Proposals can pass (by majority vote) and be integrated into the chain, or be rejected. In the rare event of a tie, the proposal is tossed out.
As an open, affordable, and fast solution, Efinity is designed to make NFTs accessible and usable for everyone.
Other blockchains can be built on top of Efinity, allowing people to take advantage of each network's unique benefits and features.
Through Efinity, it will only cost a few pennies to mint a hundred million digital assets, unlocking the possibility to bring NFTs to billions of people—essentially anyone with an internet connection.
While other blockchains are being bogged down by slow processing times, tens of millions of digital assets can be minted on Efinity in one transaction, providing a better experience for users, and wider applications for developers.
Fees on Efinity are designed to stay in the background; you don't even need a blockchain wallet. A unique feature called Fuel Tanks will also allow companies and creators to subsidize fees for their users, making it easy for everyday people to interact with the network.
Earlier this year, we made a promise to dedicate ourselves to the advancement of eco-friendly blockchain products. We are a proud member of the Crypto Climate Accord and United Nations Global Compact, and also recently launched a carbon-negative blockchain, JumpNet.
In line with this environmental mission, Efinity is designed to make transactions carbon-neutral.
Efinity's underlying tech is specifically built to maintain low energy consumption, forever. As a Proof of Stake (PoS) blockchain governed by 1,000 nodes, it will consume 85% less energy than Ethereum.
This means that no matter how many people join our network, its carbon footprint will never increase.
Over the past four years, we've been working hard to actualize our vision of a new era for digital ownership for everyone.
While we've been busy solving the most critical issues in blockchain, we've also connected opportunity with creativity, enjoyment with utility, and ownership with transparency.
The next step? Bringing it all to Efinity, and beyond.